Weekly Financial News — April 24, 2026

Week of April 17–24, 2026 — weekly review of global markets, commodities, crypto assets and key investment themes.

🌍 Dominant theme of the week

Two competing forces shaped the week. On one side, geopolitical de-escalation: Iran announced the reopening of the Strait of Hormuz late in the previous week, fuelling hopes of a gradual exit from the Middle East conflict — before a fresh diplomatic twist on Monday revived tensions (Tehran reportedly unable to deliver on ceasefire talks). On the other side, the AI super-cycle: Wall Street kept printing record highs, pulled by semiconductors and hyperscalers, while Europe — structurally behind on technology — moved sideways. The US-Europe decoupling widened further, and a convincing start to the earnings season (TSMC’s +58 % profit beat) only amplified the move. Investors, driven by a growing fear of missing out on the AI revolution, treated Wall Street as an almost mandatory destination.

📉 Weekly market performance

The Nasdaq printed 13 consecutive up sessions — the longest streak since 1992 — and the semiconductor index notched 17 straight green sessions. The S&P 500 broke 7,100 for the first time ever. On the CAC 40, the leaders and laggards tell a clear story:

French tech thrived on the AI tailwind, luxury kept derating (Kering), and the oil slump hurt energy names (TotalEnergies). Mid-week, the CAC lost nearly 1 % in a single session on disappointing prints from Eurofins and Bureau Veritas, and continued weakness in aerospace.

🛢️ Commodities & Energy

Brent ended the previous week at $90.91 (−11.76 % over seven rolling days) and WTI slipped further toward $82 after trading above $113 less than two weeks earlier. The crash is directly linked to the reopening of the Strait of Hormuz and hopes for a lasting Middle East truce. Gold, on the other hand, cemented its safe-haven status with a new all-time high at $4,834 an ounce (+3.48 % on the week, +17 % year-to-date). Natural gas was volatile but slightly lower, while industrial metals (aluminium, copper) benefited from renewed risk appetite and strong Chinese macro prints. The combination — gold at peaks, oil collapsing, US stocks euphoric — reflects a paradoxical positioning: markets are pricing geopolitical calm while keeping sizeable precious-metal hedges.

🏦 Central banks

The ECB meets on April 30. Policy rates have been on hold since June 2025 at 2.15 % (main refi), 2.00 % (deposit) and 2.40 % (marginal lending). Where in mid-March traders priced a four-in-five probability of a rate hike on April 30, by this week that odds had collapsed to roughly one-in-five: Middle-East de-escalation and the oil rollover have shifted the base case back to a hold. Risks remain skewed toward higher inflation and weaker growth, and Christine Lagarde is scheduled to speak on Friday, April 25. On the Fed side, futures now lean toward a next rate cut late in 2026 rather than mid-year — markets are reluctant to price aggressive cuts while indices sit at records. Senate confirmation hearings for Kevin Warsh, touted to succeed Jerome Powell, added a political layer. The Bank of Japan once again deferred its next hike, with the Governor deliberately vague on the timeline.

📊 Macro data

US producer prices rose 0.5 % in March, well below expectations, suggesting the oil-driven inflation impulse has not yet spilled into corporate input costs. Weekly initial jobless claims stabilised at 207k, confirming a resilient labour market. Chinese Q1 GDP printed at +5 % year-on-year, driven by exports, beating consensus. Conversely, the IMF cut its 2026 eurozone growth forecast to 1.1 %, citing geopolitical uncertainty and industrial weakness. March US retail sales (released April 21 after a rescheduling) and Thursday’s flash PMIs confirmed a gap between consumer-heavy America and a slowing Europe, with eurozone manufacturing PMIs still below 50. Friday’s durable goods orders and Michigan consumer sentiment brought mixed but overall resilient readings.

🪙 Cryptocurrencies

Bitcoin broke through $78,000 late last week, its highest since February, triggering nearly $600 million in short liquidations. US spot Bitcoin ETFs saw close to $1 billion in net weekly inflows — the largest weekly print since mid-January. BlackRock’s IBIT now captures about 49 % of the total US spot BTC ETF market, with a single-day peak at $214 million and five consecutive positive sessions. Year-to-date flows flipped back to positive territory (~+$245 million), ending a four-month outflow streak. Ethereum followed the move up to $2,464 before easing slightly. On the institutional side, Strategy (formerly MicroStrategy) announced on April 20 the purchase of 34,164 bitcoins for $2.54 billion — its third-largest acquisition ever — bringing its total stack to 815,061 BTC. The Fear & Greed Index moved back into “Greed” territory, consistent with the euphoria seen in equities.

💱 Currencies

EUR/USD gained roughly +0.8 % on the week, to $1.18, supported by the expected ECB hold set against a more cautious Fed narrative. The yen stayed under pressure versus the dollar as the BoJ continued to temporise. The Swiss franc eased slightly against the euro as geopolitical risk premia compressed. In emerging markets, the offshore yuan held steady despite renewed Chinese speculative flows.

📈 Investment themes & analyses

Artificial intelligence remains the dominant theme. TSMC reported 58 % profit growth and guides for 30 %+ revenue growth in 2026 on AI chip demand. Enablers — semis, data centres, power — absorb the bulk of flows, as shown by 17 consecutive up sessions for the semiconductor index. TINA (There Is No Alternative) is also back: strategists note that the lack of credible alternatives to US equities mechanically reinforces the pull of mega-cap tech.

Another major development: the Chinese IPO surge in Hong Kong. About $14 billion was raised in Q1 2026 — nearly five times the same period in 2025 — with striking post-listing performances: Zhipu +400 %, MiniMax +500 %, and Victory Giant Technology +57 % on day one on April 21 ($2.6 billion raised, Hong Kong’s biggest IPO in seven months). The pipeline stays massive with more than 400 candidates, including Moonshot AI, Rokid, Manycore and Kunlunxin. Hong Kong is becoming the de facto listing hub for Chinese AI champions — politically sensitive for Wall Street and too international for Shanghai/Shenzhen. Access remains technically difficult for European retail investors (the 2835 ETF is non-UCITS, ineligible for PEA, HKD stamp duty applies).

European luxury continues to derate (Kering −8.27 %, Hermès holding up better), confirming a rotation toward tech and financials. European banks keep outperforming, supported by steeper curves and solid earnings. Dividend strategies — like the Club des Investisseurs Indépendants portfolio — remind investors that “boring” quality-dividend portfolios can still deliver 8 % to 17 % annualised returns with limited drawdowns, particularly in an environment where cash flows matter more than ever.

🧠 Editorial / Educational

Anthony Bondain (Zonebourse) raises a structural question: are we really in an AI super-cycle? The test rests on two criteria — magnitude (capital committed) and duration (investment horizon). On magnitude, there is no debate: hyperscalers are pouring hundreds of billions into capex, silicon giants are lifting budgets, and utilities are reorganising grids to feed data centres. On duration, caution is warranted: even a temporary disappointment on deployment pace could trigger an “air pocket” reminiscent of the 2000 dotcom reset. The key for patient investors is less about calling the top and more about identifying the value chains that will survive an intermediate correction (industrial real estate, power, cybersecurity, B2B software with recurring revenue).

Money Radar adds a geographic angle: while the West admires Nasdaq records, China is quietly building a complete AI stack, from silicon to foundation models. Ignoring this dynamic would repeat the historical underexposure many European portfolios had to US mega-cap tech during the 2010s.

🔭 Observed trends

Relative to prior weeks, three trends stand out:

• Defensive → cyclical / tech rotation: after the March volatility spike (VIX above 35), flows rushed back to neglected sectors (tech, consumer discretionary, financials). The VIX dropped to 17.48 — a level often associated with complacency.
• US / Europe decoupling: Europe suffers from a structural tech gap and anaemic growth, confirmed by the IMF’s 1.1 % revision. International investors keep overweighting Wall Street.
• Revived crypto risk appetite: the end of a four-month spot BTC ETF outflow streak and Strategy’s renewed accumulation mark a regime shift for the flagship digital asset.

Watch next week: the ECB decision on April 30, earnings reports (TSLA, IBM, INTC, and AAPL the following week), Japanese CPI on April 25, and Christine Lagarde’s remarks.

⚠️ Disclaimer

This content is provided for informational purposes only and does not constitute investment advice. Past performance does not guarantee future results. Please consult a qualified financial advisor before making any investment decision.